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Real Estate Assignment Contract Form
"I need a Real Estate Assignment Contract Form for assigning my pre-construction condo purchase in Vancouver to a foreign buyer from Hong Kong, with the developer's consent requirement and closing expected in March 2025."
1. Parties: Identification of the Assignor (original purchaser) and Assignee (new purchaser), including full legal names and contact information
2. Background: Recitals explaining the original purchase agreement, property details, and the intention to assign the purchase contract
3. Definitions: Key terms used throughout the agreement, including 'Original Contract', 'Property', 'Developer/Seller', 'Assignment Date', etc.
4. Assignment: Core provision transferring all rights, title, and interest in the original purchase contract from Assignor to Assignee
5. Purchase Price and Payment: Details of the assignment price, deposit requirements, and payment terms
6. Closing and Completion: Procedures and requirements for completing the assignment transaction
7. Representations and Warranties: Statements of fact and guarantees by both parties regarding their capacity to enter the agreement and status of the original contract
8. Conditions Precedent: Conditions that must be satisfied before the assignment becomes binding
9. Original Developer/Seller Consent: Acknowledgment of requirement for and/or confirmation of developer/seller's consent to the assignment
10. GST/HST and Tax Matters: Treatment of applicable taxes and tax obligations of parties
11. Default and Remedies: Consequences of breach and available remedies to parties
12. Notices: How and where formal communications between parties should be delivered
13. General Provisions: Standard contract clauses including governing law, entire agreement, and amendment procedures
1. Real Estate Agent Representations: Required when real estate agents are involved in the assignment transaction, detailing their roles and commissions
2. Mortgage Assumption: Used when the Assignee will be assuming any existing mortgage arrangements
3. Assignment of Deposits: Detailed section about transfer of deposits when the original deposit structure is complex or involves multiple payments
4. Foreign Buyer Provisions: Required when the Assignee is a foreign buyer, addressing additional requirements and tax implications
5. Construction Status: Relevant for pre-construction properties, detailing the current status and expected completion
6. Multiple Assignee Provisions: Required when there are multiple assignees, detailing their ownership structure and responsibilities
7. Vendor Take-Back Financing: Used when the Assignor is providing financing to the Assignee for the assignment
1. Schedule A - Property Description: Detailed legal description of the property and unit details
2. Schedule B - Original Purchase Agreement: Copy of the original purchase agreement being assigned
3. Schedule C - Payment Schedule: Detailed breakdown of all payments, including deposits and balance due
4. Schedule D - Developer's Consent Form: Written consent from the developer/seller for the assignment
5. Schedule E - Disclosure Statement: Required disclosures about the property and assignment transaction
6. Schedule F - Outstanding Developer Extras: List of any upgrades or extras ordered from the developer
7. Appendix 1 - Assignment Deposit Trust Agreement: Terms for holding and releasing assignment deposits
8. Appendix 2 - Property Status Certificate: Current status of property completion and development (for pre-construction)
Authors
Approval Date
Assignment
Assignment Date
Assignment Fee
Assignment Purchase Price
Assignor
Assignee
Business Day
Closing Date
Completion Date
Consent
Deposit
Developer
Developer's Consent
Disclosure Statement
Effective Date
Encumbrances
GST/HST
Improvements
Land
Legal Description
Lending Institution
Original Contract
Original Purchase Price
Original Seller
Outstanding Deposits
Permitted Encumbrances
Property
Purchase Agreement
Real Estate Representative
Related Documents
Statement of Adjustments
Strata Lot
Transfer Date
Unit
Consideration and Payment
Representations and Warranties
Conditions Precedent
Deposit
Developer Consent
Tax Compliance
Risk and Insurance
Default and Remedies
Notice
Time of Essence
Further Assurances
Governing Law
Entire Agreement
Severability
Assignment Restrictions
Indemnification
Force Majeure
Disclosure Requirements
Termination
Amendment
Survival
Dispute Resolution
Costs and Expenses
Registration
Confidentiality
Legal Compliance
Authority and Capacity
Joint and Several Liability
Waiver
Real Estate
Legal Services
Financial Services
Property Development
Construction
Banking
Insurance
Property Management
Legal
Real Estate Operations
Compliance
Sales
Property Management
Contract Administration
Risk Management
Finance
Investment
Document Control
Real Estate Lawyer
Property Developer
Real Estate Agent
Real Estate Broker
Mortgage Specialist
Legal Counsel
Compliance Officer
Real Estate Transaction Coordinator
Property Manager
Contract Administrator
Title Officer
Real Estate Investment Manager
Sales Director
Legal Assistant
Real Estate Paralegal
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